Comtech Telecommunications Corp. Announces the Company Expects to Exceed Second Quarter Fiscal 2003 Earnings Guidance
February 18, 2003 at 1:23 PM EST
MELVILLE, N.Y., Feb 18, 2003 (BUSINESS WIRE) --
Comtech Telecommunications Corp. (Nasdaq: CMTL) announced today that it expects to exceed its second quarter fiscal 2003 earnings guidance of 13 to 15 cents.
Recent awards relating to the Company's Comtech Mobile Datacom Corp. subsidiary will result in higher than anticipated sales and profits for the quarter ended January 31, 2003.
Fred Kornberg, President and Chief Executive Officer of Comtech Telecommunications Corp., said, "Recent contract awards for the Movement Tracking System (MTS) program, as well as battle command applications, favorably impacted the second quarter and will continue to have a positive impact for the balance of fiscal 2003. Second quarter fiscal 2003 sales are expected to be in the neighborhood of $42 million. We expect diluted earnings per share for the second quarter of fiscal 2003 to be approximately 23 cents. In addition, we believe diluted earnings per share will be between 25 and 27 cents for the third quarter of fiscal 2003. We will provide additional guidance during our second quarter earnings conference call which is scheduled for March 12, 2003."
Comtech Telecommunications Corp. is an innovative player in domestic and global high-technology markets. Through its operating units, Comtech pursues opportunities in three interrelated market segments: telecommunications transmission, RF microwave amplifiers, and mobile data communications services. In each of these segments, growth has been driven by increasing demand for telecommunications infrastructure and network and messaging services. The Company's specialties include the design and manufacture of advanced products and networks used for transmission of voice, data and video using satellite, over-the-horizon microwave, terrestrial line-of-sight and other wireless communications systems. More than 275 distinct Comtech products are in service in more than 100 countries.
Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results could differ materially from such forward-looking information. The Company's Securities and Exchange Commission filings identify many such risks and uncertainties. Any forward-looking information in this press release is qualified in its entirety by the risks and uncertainties described in such Securities and Exchange Commission filings.
Comtech Telecommunications Corp.
Fred Kornberg or Robert G. Rouse
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